Nigeria Treasury bills · auction of 2 January 2020
Nigeria T-bill auction, 2 January 2020: 364-day at 5.20%, down 29 bps
At the Treasury bill auction dated 2 January 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 3.50% (down 50 basis points), the 182-day bill at 4.90% (down 10 basis points) and the 364-day bill at 5.20% (down 29 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 174.7bn against NGN 74.8bn on offer, 233% of the amount sought, and NGN 74.8bn was accepted.
At 5.20%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 14.50%, so the government is paying 930 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 52,000 in 12 months on the 364-day bill
Put NGN 1,000,000 into the 364-day bill at this auction and you get back NGN 1,052,000 after 12 months: NGN 52,000 in interest before any withholding tax, about NGN 4,333 a month.
That is NGN 2,950 less than the same money would have earned at the previous auction.
For shorter money: NGN 24,500 on the 182-day bill (6 months), NGN 8,750 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Nigeria’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 3.500% | 4.000% | NGN 10.00bn | NGN 37.15bn | NGN 10.00bn |
| 182-day | 4.900% | 5.000% | NGN 20.00bn | NGN 31.63bn | NGN 20.00bn |
| 364-day | 5.200% | 5.495% | NGN 44.84bn | NGN 105.90bn | NGN 44.84bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 2 January 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-01-02
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